On May 30, 2019, Congress passed a two-week extension for the National Flood Insurance Program (NFIP).
Thanks to the REALTORS® advocacy work, and to the many REALTORS® who participated in the recent Call For Action, the extension will help avoid a lapse while Congress continues to negotiate over a long-term reauthorization and reform measure.
“The National Association of Realtors® is pleased that Congress acted before the National Flood Insurance Program’s insurance writing authority could expire, and we urge both the House and Senate to secure responsible reauthorization before June 14,” says NAR.
Want to learn more about NFIP? Visit the NAR website to learn how a lapse in the program could impact your clients.
Update from NAR:
On June 12, 2019, by a unanimous vote of 59 to 0, the House Financial Services Committee approved HR 3167: the National Flood Insurance Program (NFIP) Reauthorization Act, sending the bill to the U.S. House of Representatives for consideration.
The NFIP Reauthorization Act would extend the program for five years and include significant reforms to strengthen flood mapping, enhance mitigation investments and remove several barriers to private flood insurance options. It easily cleared the first hurdle of the legislative process because it was the product of extensive, bipartisan negotiations between Chairwoman Maxine Waters (D-CA) and Ranking Member Patrick McHenry (R-NC).